Riding a increase in discharges and investment income, Mount Sinai Hospital reported a 58.5% rise in operating surplus for the six months ended June 30.
New York-based Mount Sinai said the increase came largely from a $52.7 million spike in patient revenue and a $6.8 million bump in investment income. But, the gains were offset slightly by increased supply costs related to growth in the system's hematology/oncology, neurology and cancer and noncancer infusion therapy programs. Mount Sinai also incurred costs related to union contracts, including higher salaries and benefits that went into effect in October 2014, the hospital said.
Through the first six months of 2015, 69% of revenue came from inpatient services, 28% from outpatient services and 3% from other sources, the hospital said.
Mount Sinai also recorded $990 million in patient service revenue; total revenue was $1.032 billion. The system also earned $13.2 million in unrestricted net assets.
Total revenue increased $54 million, or 6%, through June 30, as compared with the prior-year period.
Discharges were up slightly, 0.8% over the first six months of 2014, and emergency room visits were up 3%. Payer mix stayed basically unchanged, with 25% of patients coming from Medicare, a 1% decrease from the same period last year. Medicaid patients made up 25% of the hospital's population, Blue Cross was 11%, managed care increased 1% to 35%, other commercial was up 4% and self-pay patients made up 1%.
For 2015, Mount Sinai is projecting a net hospital operating surplus of approximately $11 million.